The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 29th May – 2nd June 2023, to provide information of the bulk market performance.
According to Baltic Exchange reports, highlights of capesize, panamax, ultramax/supramax, handysize include:
Capesize
The capes have faced a challenging week, marked by holiday disruptions. Despite a slow start to the week, there has been no shortage of cargo in both the Atlantic and Pacific regions. However, both markets have been grappling with an excess supply of tonnage, which has been putting downward pressure on the market. By the middle of the week, there was a significant downturn in sentiment and the overall timecharter index lost 33% to close at $9,254. The North Atlantic saw a flurry of fixing at considerable discounted rates, and conditions continued to slide further in the Pacific. As the holiday in Singapore approached towards the end of the week, there was an uptick in the level of activity from West Australia to China, and the market started to find some stability. The Atlantic, on the other hand, still appears to be under pressure.
Panamax
For another successive week, corrections were seen in the Panamax market. Despite better demand week-on-week, it was again met by a sea of prompt tonnage along with an increasing ballaster count. The Atlantic appeared predominantly grain centric with minimal mineral activity seen towards the latter part, several EC South America front haul deals concluded mid-week, delivery Aps loadport for end June arrival window, the mean average rate for same hovered around the $15,000+$500,000-mark basis for 82,000-dwt types. Asia saw a relative rise in volume week-on-week ex Indonesia and Australia. However, this appeared to have very little impact with a desolate NoPac market and ships returning to the market following quick trips in recent weeks. An 82,000-dwt delivery China agreed $7,250 for a coal trip via Australia delivery Japan. A limited week of period activity, although an 82,000-dwt delivery South China achieved $14,000 for one year employment.
Ultramax/Supramax
The only saving grace for the sector was it was a short week for many, with widespread holidays at the beginning and end. Both basins suffered from an oversupply of prompt tonnage with fresh enquiries being snapped up by owners securing employment. The Atlantic saw strong declines in both the US Gulf and South America regions, including a 56,000-dwt fixing delivery Mobile for a trip to the Black Sea at $12,000. Whilst from EC South America, a 63,000 fixed delivery Itaqui for a trip to Singapore-Japan at $13,100 plus $310,000 ballast bonus. Little excitement across the ‘Pond’, a 58,000-dwt fixing a trip from Oran to West Africa at $10,500. Asia fared little better, with demand from Indonesia dropping and little in the way of backhaul cargo rates were under hefty downward pressure. A 56,000-dwt open CJK fixed a trip via Indonesia redelivery WC India at $4,250. Elsewhere a 53,000-dwt was heard fixed delivery Chittagong trip via Indonesia redelivery India at $3,000.
Handysize
Another short week for many but a general lack of activity and a lack of fresh enquiry dominated the handy sector across both basins. In East Coast South America, a 32,000-dwt fixed from Paranagua to the US East Coast with an intended cargo of Sugar at $10,950, whilst a 33,000-dwt had fixed basis delivery Fazendinha to Norfolk with an intended cargo of grains at $14,750. Meanwhile, a 37,000-dwt fixed from Vila Do Conde to the Mississippi with an intended cargo of alumina at $15,000. On the US East Coast, a 37,000-dwt fixed from Savannah to the Continent intention Rotterdam with an intended cargo of wood pellets at $8,000. In Asia, a 34,000-dwt fixed from Hire to Southeast Asia at $7,000 and a 32,000-dwt open spot in Onsan fixed for a short trip within the region at $5,000. A 36,000-dwt opening in Laemchabang on 8 June fixed a trip to Australia at $7,000.
